Provida Sheds Peru Stake Ahead of Sale

Provida Sheds Peru Stake Ahead of Sale

January 25, 2013

Chile's AFP Provida has approved the transfer its 15.87% stake in Peruvian pension fund AFP Horizonte to parent company Grupo BBVA. The move comes at a price of PES183m ($71m), and streamlines the Chilean asset for its eventual sale. BBVA is undergoing a process started last year to rid itself of pension fund operations in four LatAm countries. Earlier this month it sold the AFP Horizonte in Colombia to Grupo Aval for $530m, and last year sold its Mexican operation to Banorte for $1.73bn. Both the Chilean and Peruvian assets remain on the block. Goldman Sachs has been advising BBVA on the sale process.

Chile's AFP Provida has approved the transfer its 15.87% stake in Peruvian pension fund AFP Horizonte to parent company Grupo BBVA. The move comes at a price of PES183m ($71m), and streamlines the Chilean asset for its eventual sale. BBVA is undergoi